Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about loan terms and costs, ensuring transparency in lending transactions
Fair Credit Reporting Act (FCRA): Federal legislation governing the collection, dissemination, and use of consumer credit information, particularly relevant for credit reporting aspects of loan release
Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending practices based on race, color, religion, national origin, sex, marital status, age, or public assistance status
Fair Debt Collection Practices Act (FDCPA): Federal law regulating debt collection practices and protecting borrowers from abusive collection practices
Uniform Commercial Code (UCC): Comprehensive set of laws governing commercial transactions, particularly Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions)
State Contract Laws: State-specific regulations governing contract formation, enforcement, and interpretation, varying by jurisdiction
State Usury Laws: State-specific regulations setting maximum interest rates and governing lending practices within the state
State Recording Requirements: State-specific rules for recording and filing loan release documents with appropriate government offices
Securities Laws: Federal securities regulations including Securities Act of 1933 and Securities Exchange Act of 1934, applicable if the loan involves securities
Bankruptcy Code Provisions: Federal bankruptcy laws governing debt discharge and automatic stay provisions that may affect loan releases
Internal Revenue Code: Federal tax regulations concerning debt forgiveness and reporting requirements for cancelled debt
Consumer Protection Laws: State and federal consumer protection statutes, including Dodd-Frank Act provisions, protecting borrowers' rights in lending transactions
